Issuance Type
| Categories | Description | Issuance Type |
|---|---|---|
| BEO Global Certificates | A book-entry-only (BEO) issue is one where the entire value of the issue is deposited with CDS for the life of the issue and is usually represented by one global certificate, with CDS as the sole registered holder. Certificates are not available to registered holders for BEO issues. Issuers are required to submit the Book Entry Only Securities Services Agreement (BEO SSA) and BEO Acknowledgment to CDS. | BEO |
| Uncertificated | If the issuer has retained the services of a transfer agent (TA) that has a relationship with CDS, the security can be held as a non certificated inventory (NCI) issue. Through arrangements with CDS, the TA does not issue the certificates registered in CDS's name but instead, holds the records for that issue electronically. In this type of settlement, certificates are typically available to registered holders by the TA. | NCI |
|
1. An issuer that has entered into a BEO SSA with CDS can also have the issue held by a TA as NCI. If the issue is BEO-NCI, certificates are not available to registered holders.
|
BEO - NCI | |
|
2. A CDS participant may act as the security validator for an issue and thereby maintain positions on behalf of CDS provided the participant meets certain qualifications. CDS would not be holding a certificate in this case. The issue can also be held in physical form and be held by the participant, if they meet the custodian qualifications.
|
NCI or BEO - NCI |